Money and Uncertainty—an Introductory View

Abstract

‘Money,’ Hicks has declared, ‘is defined by its functions … “money is what money does”.’1 Harrod notes that ‘Money is a social phenomenon, and many of its current features depend on what people think it is or ought to be’.2 ‘Money,’ Scitovsky adds, ‘is a difficult concept to define, partly because it fulfils not one but three functions, each of them providing a criterion of moneyness … those of a unit of account, a medium of exchange, and a store of value.’3